Special Assessments: What Buyers Should Check Before Signing - Natalia A. Sishodia

From Sishodia PLLC - Special Assessments: What Buyers Should Check Before Signing explains what New York and NYC property buyers need to know about hidden ownership costs before committing to a real estate purchase. This episode explores how special assessments can come from local governments, co-op boards, condo associations, or HOAs, and why buyers should look beyond the purchase price, property taxes, maintenance fees, and common charges before signing a contract.

The discussion breaks down the two major types of assessments: municipal and governmental assessments, including Special Assessment Districts, and private assessments imposed by condominiums, co-ops, and homeowners’ associations. Listeners will learn how projects such as sewer lines, road paving, sidewalks, street lighting, emergency repairs, roof replacements, elevator modernizations, boiler or HVAC overhauls, and window replacements can lead to significant costs for owners.

Sishodia PLLC also highlights New York City-specific concerns such as Local Law 11, the Façade Inspection & Safety Program, Qualified Exterior Wall Inspector reports, Department of Buildings filings, SWARMP designations, unsafe façade findings, sidewalk sheds, DOB fines, reserve fund issues, operating deficits, and the difference between proposed and confirmed special assessments. The episode explains how these details can affect negotiations, seller payment obligations, purchase price reductions, closing credits, and escrow arrangements.

Featuring insight connected to NYC real estate lawyer Natalia Sishodia, Esq., LL.M., this episode also covers legal protections and risks under the Property Condition Disclosure Act, fraud or misrepresentation claims, breach of contract issues, estoppel certificates, and possible claims against an association. For buyers, sellers, investors, domestic and international clients, high-net-worth individuals, and families connected across Europe, Asia, and North America, Sishodia PLLC offers guidance on navigating New York real estate transactions with clarity before hidden costs become expensive surprises.

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